Tier IV Raises Total Funding to $166 Million for Open Source Autonomous Driving Systems
Aug 27, 2020
- Press Release
Tier IV, Inc. announced that it has raised an additional funding from SOMPO Holdings, Inc., one of Japan’s biggest insurance companies, taking its total funding to $166 million, to accelerate commercialization of open source autonomous driving systems with input from the insurance industry.
Tier IV and SOMPO have been working closely together since 2017 and have jointly established insurance programs for autonomous vehicles, including risk assessment, remote monitoring and road support, and have conducted their large-scale field operational tests in many cities in Japan. With this additional funding from SOMPO, Tier Ⅳ will strive to (i) develop a reference platform for open source autonomous driving systems and (ii) implement it for real services in collaboration with the insurance programs.
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